Angleton, Tex. -- Benchmark Electronics, Inc. (NYSE: BHE), a leading integrated contract manufacturing provider, today announced financial results for the fourth quarter and year which ended December 31, 2013.
"We completed 2014 with a robust fourth quarter and year-over-year growth. Revenue and earnings exceeded our fourth quarter expectations with growth driven organically by revenue from new programs as well as revenue contributions from recent acquisitions," said Gayla J. Delly, the Company's President and CEO. "Strong revenues combined with operating discipline allowed us to achieve an operating margin of 4.1% for the quarter. We see continued strength in our pipeline of opportunities and are optimistic about the long-term growth of the Company."
Fourth Quarter 2013 Highlights
- Revenue of $757 million increased 26% from Q3 2013.
- New program bookings in Q4 2013 were $150 million to $180 million.
- Restructuring and integration and acquisition-related costs totaled $2 million.
- Thailand flood related items includes insurance recoveries of $31 million including $11 million for property, plant and equipment losses and $20 million for inventory and business interruption losses. The recovery process with our insurance carriers is largely complete and we expect final resolution in the first quarter of 2014.
- Cash flows used in operating activities for Q4 2013 were approximately $1 million, which includes approximately $20 million of Thailand flood insurance recoveries for inventory and business interruption losses.
- Cash and cash equivalents balance was $346 million at December 31, 2013.
- Accounts receivable was $560 million at December 31, 2013; calculated days sales outstanding were 67 days compared to 64 days at September 30, 2013 and 65 days at December 31, 2012.
- Inventory was $397 million at December 31, 2013; inventory turns were 7.0 times compared to 5.6 at September 30, 2013 and 7.3 at December 31, 2012.
- Repurchases of common shares for the fourth quarter totaled $10 million or 462 thousand shares.
- Non-GAAP operating margin for the fourth quarter was 4.1%.
First Quarter 2014 Outlook
- Revenue between $630 and $660 million.
- Diluted earnings per share between $0.29 and $0.34 (excluding restructuring, integration and Thailand flood related items).
Conference Call Details
A conference call hosted by Benchmark management will be held today at 10:00 am (Central time) to discuss the financial results of the Company and its future outlook. This call will be broadcast via the Internet and may be accessed by logging on to our website at www.bench.com.
About Benchmark Electronics, Inc.
Benchmark Electronics, Inc. provides integrated manufacturing, design and engineering services to original equipment manufacturers of computers and related products for business enterprises, medical devices, industrial control equipment (which includes equipment for the aerospace and defense industry), testing and instrumentation products, and telecommunication equipment. Benchmark's global operations include facilities in seven countries. Benchmark's Common Shares trade on the New York Stock Exchange under the symbol BHE.